Simply 4 months after elevating $300 million – and reaching unicorn standing within the course of – Biofourmis has secured one other $20 million in funding.
In complete, the corporate has amassed a $320 million Sequence D. Intel Capital, the strategic funding arm of chipmaker Intel Company, joined the spherical.
Along with Intel Capital’s involvement, this funding is particularly notable at a time when there’s been a dip in digital well being funding. Particularly, there have been 329 digital well being funding offers within the first half of 2022, in comparison with 372 offers within the first half of 2021, in keeping with a current Rock Well being report.
“Receiving this extra funding throughout a downturn in digital well being funding is a validation of Biofourmis’ market energy and validates that we’re fixing ache factors for our prospects — together with well being programs and hospitals, payers and suppliers, and pharma,” Sheeza Hussain, chief business officer at Biofourmis, informed House Well being Care Information in an electronic mail.“One of many ways in which we differentiate ourselves is thru scientific validation; for instance, when our resolution was utilized in a significant house hospital program, prices had been 38% decrease and outcomes had been 70% higher in contrast with typical care within the hospital.”
Biofourmis was initially based in Singapore, and the corporate’s U.S. places of work are headquartered out of Boston. The corporate leverages software program and information science, together with scientific care groups, to ship care nearly within the house.
“Biofourmis is laser-focused on delivering real-time affected person perception to clinicians to enhance the home-based care expertise,” Mark Rostick, vice chairman and senior managing director at Intel Capital, stated in a press assertion. “By way of edge computing and edge-to-cloud processing capabilities, Biofourmis is redefining the affected person and supplier journey by leveraging superior expertise.”
Again in April, Biofourmis allotted the $300 million in funds to go towards numerous areas, together with fueling its subsequent development section, scaling its digital care choices and funding scientific trials.
The funds may also go in direction of driving “high-quality care-at-home throughout the continuum in addition to digital medication initiatives,” in keeping with a press launch.
The corporate can be rising its care-at house engagements with well being programs for hospital-at-home, post-discharge automotive, and persistent situation administration.
Presently, Biofourmis works with all kinds of well being programs, together with Brigham and Ladies’s Hospital, Mass Basic and UCI. The corporate might be inorganic development, with an eye fixed in direction of M&A exercise, within the near-term future.
Along with the funding information, Biofourmis added two new members to its board of administrators.
Trevor Fetter — senior lecturer on the school of Harvard Enterprise College — has been named to the board. Fetter additionally led for-profit well being system Tenet Healthcare till 2017.
Dr. Sachin H. Jain — president and CEO of SCAN Group and Well being Plan — has additionally been named to the board.
“As we proceed to scale, our new board members might be pivotal to our success,” Hussain stated. “Our latest board members Trevor Fetter … and Dr. Sachin H. Jain convey deep experience targeted on value-based care, well being programs, well being plans and value-based care.”